湖南景峰医药股份有限公司 2025 年半年度报告全文 湖南景峰医药股份有限公司 公司的法定代表人 刘树林 二、联系人和联系方式 董事会秘书 证券事务代表 姓名 张莉（代行） 陈敏 湖南省常德经济技术开发区樟木桥街 湖南省常德经济技术开发区樟木桥街 联系地址 道双岗社区桃林路 661 号（双创大 道双岗社区桃林路 661 号（双创大 厦） 厦） 电话 0736-7320908 0736-7320908 传真 0736-7320908 0736-7320908 电子信箱 ir@jfzhiyao.com ir@jfzhiyao.com 三、其他情况 公司注册地址、公司办公地址及其邮政编码、公司网址、电子信箱等在报告期是否变化 □适用 ?不适用 公司注册地址、公司办公地址及其邮政编码、公司网址、电子信箱等在报告期无变化，具体可参见 2024 年年报。 信息披露及备置地点在报告期是否变化 □适用 ?不适用 湖南景峰医药股份有限公司 2025 年半年度报告全 湖南景峰医药股份有限公司 2025 年半年度报告全文 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述 ...

仿制药出海破局，创新药管线进入收获期 [Table_CoverStock] —汇宇制药-W(688553)公司深度报告 [Table_ReportDate] 2025 年 08 月 21 日 [Table_CoverAuthor] 唐爱金 医药行业首席分析师 贺鑫 医药行业分析师 S1500523080002 S1500524120003 tangaijin@cindasc.com hexin1@cindasc.com [Table_CoverReportList] 证券研究报告 公司研究 [Table_ReportType] 公司深度报告 [Table_StockAndRank] 汇宇制药-W(688553) 投资评级 买入 [Table_Chart] [Table_BaseData] -50% 0% 50% 100% 150% 24/08 24/12 25/04 汇宇制药 沪深300 资料来源：聚源，信达证券研发中 公司主要数据 | 收盘价（元） | 24.25 | | --- | --- | | 52 周内股价波动区间(元) 25.72-9.97 | | | 最近一月涨跌幅(％) | 8.50 | | ...

证券代码：688553 证券简称：汇宇制药 公告编号：2025-059 四川汇宇制药股份有限公司 ■ 二、药品的其他相关情况 （一）注射用帕瑞昔布钠 注射用帕瑞昔布钠是一种普通制剂，用于成人术后短期疼痛的治疗。 公司作为注射用帕瑞昔布钠的上市许可持有人（该产品为公司引进的第三方产品，负责代理注册和销 售）已进行了多国注册申报，并已在英国、荷兰获得上市许可。截至目前，公司已在德国提交注册申 请。 （二）注射用培美曲塞二钠 注射用培美曲塞二钠联合顺铂可用于化疗不可切除的恶性胸膜间皮瘤以及局部晚期或转移性肺癌（非鳞 状细胞为主）的一线治疗。该产品也可适用于局部晚期或转移性非小细胞肺癌的单药维持治疗。 关于自愿披露公司产品获得境外上市许可的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性依法承担法律责任。 四川汇宇制药股份有限公司（以下简称"公司"）子公司Seacross Pharma (Europe) Ltd.和Seacross Pharmaceuticals Ltd.近期收到荷兰国家药品和保健品安全局和沙特阿拉伯健康产品监管局分别核准签发 ...

Core Viewpoint - The financial performance of Huiyu Pharmaceutical shows a significant increase in revenue and net profit, but the underlying growth is driven by non-recurring gains, indicating potential fragility in its financial health [2]. Group 1: Financial Performance - Huiyu Pharmaceutical reported a revenue of 1.09 billion yuan, representing a year-on-year increase of 18.05%, and a net profit of 325 million yuan, up 132.78% [2]. - After excluding non-recurring gains, the net profit was only 92 million yuan, reflecting a more modest year-on-year growth of 39.55% [2]. - The core profit driver was the fair value changes of financial assets, particularly a gain of 211 million yuan from the investment in a drug company, which constituted 64.9% of the net profit [2]. Group 2: International Expansion - The overseas business has become a significant growth engine, with foreign sales revenue reaching 166 million yuan, a year-on-year increase of 97.12% [3]. - The company obtained 101 new drug approvals, expanding its market coverage from 54 to 68 countries [3]. - However, overseas revenue only accounts for 15.2% of total revenue, and the reliance on low-margin generic drug exports poses challenges, including rising costs for EU GMP certification and currency fluctuations in emerging markets [3]. Group 3: Domestic Strategy - The domestic business has improved structurally through a strategy focused on high-barrier generics and first-to-market products, resulting in 17 new generic drug launches [4]. - Domestic sales revenue grew by 10.12% to 928 million yuan, supported by stable cash flow from 10 products that won national or provincial procurement bids [4]. - Despite this growth, the average annual price decline for generics exceeds 50% due to normalized bulk purchasing, raising questions about the sustainability of revenue growth [4].

Core Insights - ST Sairong reported a significant decline in both revenue and net profit for 2024, indicating increased operational pressure due to market competition and policy adjustments in the pharmaceutical industry [1][3][5] Revenue and Profit Performance - The company's total revenue for 2024 was 264 million, a year-on-year decrease of 15.15% from 311 million in 2023 [1][3] - The net profit attributable to shareholders was -33 million, a drastic decline of 447.67% compared to the previous year [1][3] - The net profit after excluding non-recurring gains and losses was -33.5 million, reflecting a staggering drop of 1275.25% [1][3] R&D Investment and Outcomes - Despite increasing R&D investments, the conversion of these efforts into financial improvement has been limited [4] - The company received approval notifications for 12 raw materials, including hydrochloride esmolol and fluorouracil, and completed registrations for several injectable formulations [4] - The low efficiency in converting R&D outcomes into market competitiveness has exacerbated the company's financial burden [4] Market Competition and Sales Strategy - The pharmaceutical industry faced intensified competition in 2024, driven by policy changes and expanded centralized procurement [5] - ST Sairong adjusted its sales strategies to enhance market share and optimize product sales structure, but these efforts yielded limited results due to fierce competition [5] - Although sales and management expenses decreased, this reduction did not significantly improve net profit performance [5]